Business Standard

Nesco leases 6 lakh sq ft office space to corporates in Mumbai


Press Trust of India New Delhi
Diversified firm Nesco Ltd has given on lease over 6 lakh sq ft prime office space in Mumbai to corporates like HERE Technologies and IndiaFirst Life Insurance.
Nesco Ltd, which is into real estate, exhibition centre, food and beverages and engineering businesses, has developed 'Nesco Tower-4' comprising one million sq ft of leasable area in Goregaon East, Mumbai, with an investment of about Rs 600 crore, excluding land cost.
"We have leased over 6 lakh sq ft office space to seven corporates in the Nesco Tower-4. Property consultant JLL India has helped us in the leasing transactions," said Nesco Managing Director Krishna Patel.
The company has already completed and leased 8 lakh sq ft in Nesco I, II and III towers.
Asked about rental income, Patel said the total expected rent from the entire 1.8 million sq ft area, once fully leased, would be around Rs 325 crore annually.
Patel said the company would develop more commercial towers in this 60-acre project.
JLL India, the country's largest real estate consultancy and professional services firm, has facilitated this leasing deals with HERE Technologies, the leading location intelligence and open location platform company, IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Carmel Point Investments India Pvt Ltd and a large global co-working services provider along with other marquee names.
There is huge demand for quality, Grade A office spaces, Patel said.
"JLL's landlord representation team facilitated the Nesco Tower 4 management in getting the right mix of tenants. Being a leader in commercial office space leasing, our cross-functional team was able to align all parties involved toward a common goal of efficient use of available office space," said Ramesh Nair, CEO & Country Head, JLL India.

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First Published: Oct 30 2019 | 4:50 PM IST

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